Dustin Pagliughi 2/13/24 Dustin Pagliughi 2/13/24

Using Grateful Practices to Expand Your Business

Every morning I sit and journal for 20 minutes to unload my mind and declutter my thoughts. If you’ve ever read The 5 am Club by Robin Sharma, then you know what this 20/20/20 rule is all about. I digress though. If you want to know what it’s about you’ll have to read the book. Wink Wink. Once I’m done with this journaling practice, I write down 5 things I am grateful for that day. It can be as complicated as, “I am grateful for the ability to shift my focus to things I can control when I am burdened with situations that are out of my control.” Or they can be as simple as. “I am grateful that I woke up today or for the roof over my head.”

Business is truly about the relationships that we foster. Our relationships with other businesses, our team, and our customers are all equally important. According to Forbes, 134% of people are more likely to stay in work cultures where leaders prioritize gratitude. As a leader do you want your company to be fueled by gratitude to grow? Of course, you do. Who wouldn’t? As leaders, we’re always seeking ways to expand our businesses but usually, this is done through business strategies and less of a mindset approach. However, practicing gratitude can transform your mindset and your business model. When people feel heard they feel valued so while simple thank you’s are nice, they aren’t all you need to cultivate a gratitude culture at work.

To embrace gratitude as a business skill you need to practice a few things.

1. Self-reflection for what you are grateful for in your business and why daily

2. Enhance relationships with your team through genuine appreciation for your team and others you do business with

3. Promote growth by being grateful for what your business already has and it will create new opportunities

4. Advocate positivity at work and create gratitude routines as an entrepreneur

You can use these tools and grateful practices to overcome challenges and increase employee satisfaction. Following just a few strategies as a leader can improve your business model. What is it that they say? “Your attitude determines your latitude.” Your mind is your most powerful weapon.

Business Strategy vs. Business Tactic

Strategy: an action plan that you will take to achieve a final goal. These are set to help businesses figure out what their long-term goals are. Tactic: individual steps taken to help the business achieve the end goal. These two work synonymously together to help a brand reach its goals. Both are necessary for brand success. How do you know if you have a good strategy and a good tactics plan?

Good strategies include:

1. Clear vision and goals

2. Realistic goals

3. Back up plans

4. Efficient resource allocation

5. Prioritization

6. Streamlining the team toward common goal

Good tactics include:

1. Assign specific tasks to those most qualified

2. Evaluated for effectiveness

3. Well-reasoned

4. Have a timeline

5. Use results for future planning

The relationship between these two but strategy will always come first. The goal must be clear to assign specific tasks on how to get there. Tactics alone will fall short alone. First, identify the overall business goal and then work on tactics on how to get there. Together they will take your brand to new heights.

Calculating Risk vs Reward

We all make mistakes, especially in business. But to repeat those mistakes is another story. Making mistakes are important. It is how we learn and improve as business owners. In business there will always be risks involved. But sometimes you must weigh the risks vs the rewards to see if that risk is even worth taking. But how do we do that? How do you discern whether those decisions foolish or calculated? Let’s first define a calculated risk.

“Anyone who has never made a mistake has never tried anything new.”

-Albert Einstein

We all make mistakes, especially in business. But to repeat those mistakes is another story. Making mistakes are important. It is how we learn and improve as business owners. In business there will always be risks involved. But sometimes you must weigh the risks vs the rewards to see if that risk is even worth taking. But how do we do that? How do you discern whether those decisions foolish or calculated? Let’s first define a calculated risk. A calculated risk is a carefully considered decision that sheds light on the degree of personal and financial risk involved counterbalanced by the possibilities of benefits. Basically, is it worth it. That’s a big oversimplification though. Here are our tips on how to make calculated risks.

1. Research. You will need to know every single minute detail of an opportunity.

2. Evaluate opportunities critically. How can this new venture lead to new leads or revenue? Is the timeline reasonable? It’s important to also set ROI that is reasonable. Step outside of your emotions and evaluate these opportunities as if you’re giving your friend advice. What would you tell them?

3. Healthy boundaries. It’s ok to say NO. Sometimes it won’t make sense to accept a really good opportunity if its pros don’t outweigh its cons and that’s ok. Saying no to some so that you can say yes to the really perfect ones is key.

4. Set goals. If you don’t track how your new ventures are going, how will you know if they’re succeeding? The answer is that you won’t. it’s important to set milestones and over goals for your risks that your taking. This will also help you understand where you may need to pivot.

5. Have the right attitude. It’s important to be able to roll with the punches sometimes as an entrepreneur. Stubbornness will get you nowhere in any business. If something isn’t working you have to try something new. It’s important to understand when to act and when it’s time to walk away.

Knowing that there is nothing wrong with making mistakes is business is part of understanding what it is to be an entrepreneur. Good leaders do not let fear get in their way of exploring uncharted territories. You shouldn’t be so conservative that you play it too safe and never take any chances. This is a good way to go out of business. Innovation breeds success and therefore, requires that you stay on top of current events and trends in your field. This will also help you see where new business opportunities may lie. No matter what way you spin it, if you follow these tips to calculate your risks you’re at a good starting point. Make sure that you do ample research to know exactly what the calculated risk versus the reward will be. The more prepared you are the better.